At the onset of putting in a trade, you will definitely put a stop loss and risk certain percentage of your account on that trade. With a good entry and price quickly moves in your favor, you can adjust your stop loss to breakeven and trade using money given by Mr Market. As for when to adjust your stop loss to breakeven, i will usually do so when i have gained 1 unit of risk, which is 1% for my case. Alternatively, when price has moved in your favor, crossed and closed beyond a significant support or resistance, you can also consider moving stop loss to breakeven. Even if it hits your stop loss subsequently, it does not really bother you since you risk nothing.